TAIPEI, TAIWAN – March 11, 2014 – Fairmount Partners announced the successful sale of Choice Pharma, a Pan-Asian contract research organization, to Clinipace Worldwide, a CRO based in North Carolina. Choice Pharma is one of the leading Asian CROs, with offices in Taiwan, China, Hong Kong, South Korea, Vietnam, Singapore, and Malaysia. Terms of the transaction were not disclosed.
Chris Wang, Managing Director of Choice Pharma will continue in her role as Managing Director of Asian operations where she will manage day-to-day operating responsibilities. “A streamlined, efficient operational approach with real-time transparency that reduces cost and budget volatility is the future of clinical trials,” said Chris Wang. “Not only can our clients leverage Clinipace’s dCRO delivery model, but they now have access to a comprehensive and integrated clinical operations, data management, biostatistics, and regulatory consultancy outside of Asia.”
Together, Choice Pharma and Clinipace Worldwide will have a staff of over 640, and the combined company has managed over 1,500 clinical research studies and 300+ completed regulatory and strategic development engagements.
“Choice Pharma adds an important additional dimension to Clinipace, which had limited capabilities in Asia,” added Neal McCarthy, Managing Director of Fairmount Partners, “and helps the combined company to compete with large global CROs.” McCarthy added, “it was a pleasure to work with Chris Wang and Wayne Tan, the managers who built Choice Pharma, as well as the management and owners of UK-based Choice One Group, who had the vision to form Choice Pharma, and acted as the moving force to drive its success in one of the most challenging and important markets for pharmaceutical research.”
With the completion of the sale of Choice Pharma, the members of Fairmount’s Pharmaceutical Services team have completed over 100 mergers and fund-raising assignments with parties in 17 countries in North and South America, Europe, Asia and Australia. This is the third transaction announced this year, and follows the recently announced acquisition of Medpace by UK based investment firm Cinven for $915 million, and the sale of Covance’s (NYSE: CVD) high complexity genomics laboratory operations to LabCorp (NYSE: LH).
About Fairmount Partners
Fairmount Partners is one of the largest investment banking groups in the Mid-Atlantic region. The firm specializes in advising middle-market growth companies with mergers and acquisitions, capital raising and strategic advice. Fairmount offers deep expertise in the Healthcare Services and Technology, Information Technology Services, Technology and Software and Industrial and Consumer Products markets. Fairmount has completed more than 140 transactions throughout North and South America, Europe, Asia and Australia since its inception in June 2003. For more information, visit: www.fairmountpartners.com
Principals of Fairmount Partners acted as advisors to Choice One Group in this transaction.